Existing energy pipelines in North America are becoming increasingly valuable because investor focus on environmental, social, and corporate governance (ESG) issues is making it more difficult to finance new infrastructure, midstream industry executives said on Wednesday. The "tobaccofication" of the energy industry in recent years has led to less money flowing to the midstream sector as investors and the public increasingly focus ESG investments, Peter Bowden, global head of energy investment banking at Jefferies, told IHS Markit's CERAWeek conference. "It has become much more difficult to finance these projects," Bowden said, referencing midstream projects.